The Ibex manages to rebound in a very volatile day and recovers 8,500 points

The Ibex 35 has managed to rebound in a very volatile session, which started off bullish after the biggest fall of the year. Subsequently, the selective has reached a negative price and has marked an intraday minimum at 8,426 points, but again there has been a bullish whiplash and has closed the session with gains of 0.71%, up to 8,519.80 points.

"There is no consensus on the reasons for the recent sale, but some kind of correction was already expected, given the recent gains, and the sales is probably as good a reason as any other.

On the other hand, there is also a persistent doubt related to the economic recovery that is currently being traded, which looks like it is going to find some potholes, and this is what could have exacerbated the rush to collect some positions ", explains Michael Hewson, director of CMC Markets analysis.

"Airlines, in particular, have been hit hard, especially those exposed to international travel, as it is clear that while domestic travel could see some sort of recovery, long-haul travel is likely to take much longer. to return to normality, "he adds.

Within the Ibex, the falls of Merlin Properties and Colonial have stood out, although the main drag has been Santander, along with Endesa and BBVA. However, most stocks have closed positively, especially Meliá Hotels, PharmaMar, Fluidra and Siemens Gamesa. Among the large companies, Inditex, Cellnex and Repsol have advanced more than 2%.

Technically, Bolsamanía analysts continue to trust the Spanish selective despite its latest downward whiplash. "In spite of everything, the technical aspect of the index is good and it will continue to be so as long as it does not abandon the support of 8,274 points", underlines César Nuez, an expert at Bolsamanía and head of Trader Watch.

NETFLIX BEAT

At this time, the results of Netflix continue to 'kick in', which was confessed to the market after the closing and which falls 8% on Wall Street. The company confirmed the worst fears by showing that it is not able to keep up with subscriber growth.

The streaming channel has gained 3.98 million new users in the first quarter, practically half of what the consensus of analysts expected, which estimated about 6.2 million. The figures have not liked the market. On the positive side, ASML's results have encouraged the tech industry, especially chipmakers.

JOHNSON & JOHNSON VACCINE SUPPORT

The European Medicines Agency (EMA) has said that it remains supportive of the Johnson & Johnson vaccine as the benefits outweigh the risks. The US will pronounce itself this Friday on the matter and is expected to announce some restriction related to its use.

It is now up to EU governments and local regulatory bodies to make their own decision. Johnson and Johnson have said they will resume shipments to the EU, Norway and Iceland; and Spain has already begun to distribute it to the autonomous regions.

The agenda for this Wednesday marked the UK CPI for March (it has risen to 0.7% year-on-year after rising 0.3% per month) as the most important reference. Finally, it should be noted that there is also a lot of talk about the clubbing of Florentino Pérez's Superliga project. Juventus, which shot up after the project was announced, fell 12% this Wednesday. Only Real Madrid and Barcelona have not separated from the competition, which has been doomed to failure.

In addition, the Constitutional Court of Germany has decided this Wednesday to dismiss the legal challenges against the recovery fund of the European Union, vital for countries like Spain in their objective of overcoming the economic crisis caused by the pandemic.

OTHER MARKETS

The euro falls in value 0.26% and changes to $ 1,2002. Oil lost more than 2%, to $ 65.17 for Brent and $ 61.14 for West Texas.

Gold and silver are up, to $ 1,784 and $ 26.08, respectively.

Bitcoin is down 1.6% to $ 55,622 and Ethereum down 0.3% to $ 2,300.

The yield of the 10-year American bond stands at 1.56% and that of the Spanish bond falls to 0.38%.